False. Your level or sources of income don’t affect your credit score, although lenders may look at it when making loan decisions, according to the Fair Isaac Corp., the company that issues the commonly used FICO credit scores.
Mostly false. Having many credit lines isn’t necessarily a bad thing, says credit expert Liz Weston, author of Your Credit Score. Multiple lines give you a favorable debt-to-available-credit ratio. But use them correctly: It’s best to keep any balances below 10% or 20% of the total credit line, she says. Anything more will affect the ratio of debt-to-available-credit, which can decrease your credit score.Ownership of several credit cards can hurt your credit score
True. New credit applications can decrease your credit score, so be careful about applying for new credit cards or personal loans before applying for a HELOC, second mortgage, automobile loan, or other large line of credit.Opening and closing credit lines can hurt your credit score
Surprise: Closing existing credit lines may also hurt your credit score, since it’ll damage your debt-to-available-credit ratio. A good rule is not to make any credit changes in the months leading up to a major credit request, such as for a HELOC.
Mostly false. Although it may seem like a good idea to move all your balances to one card, that can actually hurt your credit score, since your debt-to-available-credit ratio will spike on that card, says Weston.
However, credit expert Harrine Freeman says such a slight decline isn’t necessarily a deal-breaker for a loan, especially if the card has a lower interest rate and will allow you to pay off the balance sooner. Your score will increase as soon as that ratio goes down.
Partly true. Taking a new job or losing your job doesn’t affect your credit score. However, if you have a spotty employment history, lenders may hold that against you in making a loan. Dips in income may signal that it could be difficult to pay bills in a timely manner.
Partly true. Simply co-signing on a loan for someone else may not affect your score, but if that person is late on paying the loan, it’s likely to show up on your report, says Freeman. And that’s a nasty surprise if you didn’t know the person was late.
False. If you’ve had a judgment or lien filed against you, it’s considered in your payment history, which represents 35% of your score.
Similarly, while most utility companies don’t report payment history to credit bureaus, your account will likely be reported if it is seriously delinquent and referred to a collection agency.
Additional details on how to manage your FICO score are available on the FICO site.
Gwen Moran is a freelance business and finance writer from the Jersey shore. She’s the co-author of The Complete Idiot’s Guide to Business Plans and writes frequently about real estate.
Article courtesy of Gwen Moran for Realtor.com Photos courtesy of Microsoft & Bing
Homes for Sale and Rent in Plantation (954-867-4798)
http://adellforbes.sef.mlxchange.com/?Page=14522688
What is an ESTOPPEL LETTER?
When considering to purchase a home an estoppel letter is of great importance to you.
Estoppel letters are directly from HOA/Condo Associations and is an official certificate that states the amount that the current homeowner pays each month for maintenance fees. An Estoppel letter will also show if there are assessments or fees that are outstanding.
Maintenance fees usually covers any repairs outside of the building such as painting, roof, building insurance, amenities, and lawncare. Assessments come into play if there are repairs to make, and there isn't sufficient funds to cover such repairs. The Association in turn equally divides the total amount needed between the current homeowners in order for the repairs to be completed.
In regard to financing; a lender uses an estoppel letter to see how much the current owner owes the Association, and if the Seller attempted to make any unauthorized remodelling changes to the unit. If so; the estoppel letter will reflect that as well.
This information pertains to current homeowners that are refinancing, and to future homeowners that may be interested in buying a home where there is an Association presence.
Estoppel letters are essential because they reveal exactly what is going on, and what has transpired in the past with a particular home. It is vital to have any outstanding fees paid by the Seller before or at closing. This prevents the Association from claiming that monies are owed on the unit after closing. Outstanding fees can transfer with the home, and the Buyer being the new owner can be held responsible by the Association.
Each State has its own laws related to Homeowner Associations. In Florida; an estoppel letter must be given to the Buyer no more than 15 days after it was requested.
WHAT TO DO IF THE PLACE YOU’RE RENTING IS IN FORECLOSURE
Can the person who buys the building at foreclosure make me leave right away?
No.
The new owner needs to end your tenancy by giving you a 90-day notice to leave.
If you have an unexpired lease, you may be able to stay until the end of the lease.
What can I do if the new owner says I have to leave in less than 90 days?
You can send a letter telling the new owner about the law. See the attached sample letter.
Keep a copy of the letter you send.
It may help to go to the post office and pay for a return receipt to make the new owner sign to prove they got your letter.
If you get in the mail a green receipt signed by the new owner, save that receipt.
You must also offer to pay the new owner your rent.
What happens if I don’t pay the new owner rent?
The new owner can send you a letter giving you (X days in your state) to pay or move.
What if I have a one-year lease that has more than 90 days left?
In most cases, the new owner cannot evict you until the end of the lease. There are two exceptions.
If the new owner wants to use your home as their primary residence, the new owner only has to give you a 90-day notice to leave after they become the owner.
If you do not pay your rent, the new owner only has to give you a (X-day in your state, same as above.) notice.
What if the new owner files an eviction?
File an answer with the court that says the new owner failed to give the notice required by the Protecting Tenants at Foreclosure Act, Pub. L. No. 111-22, §702 (2009).
Go to court on the date the court sets for a trial.
• Take with you to court:
一. the copy of your letter to the new owner.
一. the green return receipt, if you received on.
一. the copy of the new law that is attached to this notice.
一. a copy of your lease, if you have one.
What if I am a section 8 tenant?
You have all of the rights listed above regarding your lease and the requirement that the owner give you a 90-day notice to leave.
You also have additional protection.
The Section 8 Housing Assistance Payment contract continues.
The foreclosure is not a lawful reason to terminate your lease.
Call your Section 8 worker and tell the worker what is happening.
Courtesy of the National low income housing commission & National Housing Law Project/Photos courtesy of Bing & Florida MLS
RENTALS in Florida http://adellforbes.sef.mlxchange.com/AWPCriteria.asp?SearchID=3552574
What is HAFA?
Home Affordablity Foreclosure Alternative- is "the government Short Sale". If you feel like you can no longer afford your home and want to avoid the negative effects of a foreclosure you may want to consider the HAFA Program-(Only eligible until December 31st 2012).
What is HAFA?
Provides other alternatives; such as a short sale
Offers benefits to proactive homeowners
Provides homeowner with $3,000 relocation assistance
Releases homeowner from future liability
Encourages cooperation from subordinate lien holders by offering up to $6000 + at closing
Eligilbity Requirements
What is HAFA?
For detailed information or a free consultation contact;
Adell Forbes
954-867-4798
COLDWELL BANKER RE
600 N Pine Island Rd, Ste 150
Plantation FL, 33324
http://www.floridamoves.com/forms/ContactMe.aspx?agent=83260&abrand=83260&linkid=9
DISCLOSURE-It is important to know that before completing a short sale you should seek the advise of an Attorney or CPA to advise you of the potential outcome. Even if you accept our offer and use our service; your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Experience "the BEST of the BEST" at The Bahamas Goombay Festival being held this weekend in Coconut Grove. The main emphasis will be on the Junkanoo music; a tradition that at one time was only experienced in The Bahamas. The music is derived from goat skinned drums, cow-bells, trumpets, and other instruments.
Costumes are colorful and handmade from feathers, strips of leathers, shells, sequence, and almost anything that depicts the history and culture of Junkanoo itself.
However; it is not uncommon to see modern day or FuTuRisTic designs in the parade. It all depends on the story the group is trying to tell.
Once a theme is decided upon; the group take to the streets with THUNDEROUSmusic and rhythmic dance.
The history and meaning of Junkanoo http://www.junkanooworld.com/junkanoo-history.html
Goombay Festival in Miami
http://blogs.miaminewtimes.com/cultist/2011/06/ten_best_things_to_do_this_wee.php
"Homes to BUY..RENT or SELL in Miami & Fort Lauderdale area" http://www.floridamoves.com/default.aspx?abrand=83260&agent=83260
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BUY, RENT, SELL, INVEST-BROWARD COUNTY HOMES. Sellers,First time Home Buyers, Second Home Buyers, Vacation Homes & Villas. LOCAL & FOREIGN INVESTORS- Call me today for a list of investment properties.
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